Anna Ractliffe, an analyst from Bank of America Securities, reiterated the Sell rating on Fresenius Medical Care AG & Co. KGaA. The associated price target remains the same with €32.00.
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Anna Ractliffe has given his Sell rating due to a combination of factors tied to Fresenius Medical Care’s weaker operating performance and guidance. The company started 2026 with a decline in U.S. same-market treatment growth, partly from weather-related missed sessions, which makes the full‑year goal of flat U.S. growth harder to achieve. First‑quarter EBIT came in roughly in line with published consensus but appears soft versus buyside expectations, especially given temporary benefits such as TDAPA payments.
Moreover, key segments like Care Enablement continue to face headwinds, including ongoing pressure in China, while group guidance points only to broadly flat revenue and EBIT that could even decline modestly, implying limited margin improvement. Management is still relying on cost savings initiatives and regulatory tailwinds, but visibility on sustainable margin expansion and a clear inflection in U.S. growth remains limited. With the shares trading above the unchanged €32 price target and lacking near‑term catalysts for a re‑rating, Ractliffe maintains an Underperform stance.
In another report released today, Jefferies also maintained a Sell rating on the stock with a €32.00 price target.